1. Whether the IT systems have the capacity and capability—E+W+S
(a)to process financial transactions securely and accurately, including the core transactions described in regulation 24(2) of the Administration Regulations(1) (requirements for processing financial transactions);
(b)to make and receive electronic payments;
(c)to accept contributions from multiple sources;
(d)to exchange data with other IT systems, including those used by employers and service providers;
(e)to reconcile data on transactions and produce reports so that those activities can be monitored and transaction errors rectified promptly;
(f)to identify and categorise transactions and payments for authorisation and countersigning at an appropriate level of authority;
(g)to be updated to reflect changes in the legal requirements affecting transactions, payments and records, including changes in tax thresholds, the annual allowance and the lifetime allowance.
Commencement Information
I1Sch. 4 para. 1 in force at 1.10.2018, see reg. 1(2)
Regulation 24 was inserted by S.I. 2015/879.